A company`s patents are an asset. It is possible to use them to create new streams of revenue for the business. To remain profitable, patents need to be managed well. Some of the best practices for patent management will be described in this post, including how a www.implementing-mbct.com can be a game-changer for your business.
What is patent law and how do businesses use patents?
Patent law is a body of regulations concerning the registration and enforcement of patents. Inventors with patents have the exclusive right to make, sell, and license their inventions. They are an asset for any company because they protect business methods, offer an additional revenue stream through licensing deals, and can be used as a guidebook & reference for research into future product design. However, patents need to be managed efficiently, so your business`s products don`t become worthless due to lack of attention to the documents that protect them.
In the US, patents are registered through the USPTO.
How to Turn Your Patents from Liability into Asset
Saving costs with the help of a patent lawyer at https://www.directionalletting.co.uk/houston-patent-services-houstons-experienced-patent-law-firm/ is one of the ways you can give your inventions a bigger return on investment; another is
In the long run, the savings in cost will be worth it, even though patent attorneys may seem expensive upfront. By getting it right the first time, you`ll avoid the onslaught of needless expenses that come from patent application rejections.
To increase revenue, your invention can be covered by not just one patent; they can be covered by an entire portfolio of patents. Inventions with patent portfolios are often protected by both of the 2 main types of patents: design patents (aesthetics), and utility patents (functions and mechanisms).
Patent portfolios are usually more efficient than single patents because they protect your invention from many different angles, whereas a single patent only protects it from one point of attack. It also provides you with options for enforcement if someone is infringing on your patents. You can use the full benefit of intellectual property law.
Apple uses and enforces a distinct patent portfolio or patent system for each of their products, due to the intricate technology that makes their products uniquely classy. They have more power in patent battles because unauthorized imitators won`t get impunity when they`re punished.
Patents can even be used as an engine behind brand new & creative marketing campaigns, which can turn out long-lasting.
Patent Licensing Revenues
Another way to turn your patent into an efficient profit center is to license it. Licensing is lucrative, because when you authorize others to pay you to use your patent, new revenue streams can be found because the licensees` help can open you up to new audiences and markets.
Patent licensees will quickly gain an advantage, having access to turn-key products & services they can reap the benefits of right away. This means there`ll be less competition when it comes time for distribution too! You`ve already tried hard enough to compete with your competition, so how about collaborating with them instead?
Patents can also increase the company`s value if you later choose to exit. This can be done through outright sale, licensing or even bankruptcy proceedings.
How patents work: A patent is a set of exclusive rights granted by government to an inventor for a limited period of time – normally no more than 20 years from date granted (including several maintenance fees over this term) – to exclude others from making, using or selling their invention without permission. To obtain and maintain patent protection, inventors must continuously disclose all information known about their invention as soon as it becomes available so that the public will have knowledge of the existence and nature of this new technology.
Patents are used primarily at the end stage when you`re ready to start marketing your product/service. A patent lawyer from www.cfldomestic.co.uk is a more-than-necessary source of help when it comes to avoiding the heartache and lost money of rejected patents and unprofitable ideas.